Once considered a niche innovation, crypto cards are now having a major impact on everyday financial decisions, with the market expected to reach $152.2 billion by 2031.
Demographics driving shifts
Once considered a niche innovation, crypto cards now form everyday financial choices, with the market forecast to reach $152.2 billion by 2031. These cards are used for everything from online purchases to daily payments, and are reportedly a higher percentage of 1 in 10 Americans and users in Brazil, Portugal and Slovenia.
According to the Nexo European Economic Areas (EEA) Card Report, Gen Z, Millennials and High-Net-Worth individuals (HNWIs) of all ages are driving this shift. Over the past year, these groups have contributed to an increase of more than 72% year-over-year in crypto-coln borrowings via NEXO cards.
Over 100,000 Bitcoin (BTC) and 750,000 Ethereum (ETH) have been saved from being sold using secured credit lines on NEXO cards, but weekly card transaction frequency has increased by 324%.
Nexo’s Chief Product Officer Elitsa Taskova said the findings show that users see the card as a daily financial tool.
“Today, people don’t want to choose between their financial future and their current needs, and the Nexo card reflects that,” Taskova said. “Your users are empowered to live fully without losing your wealth potential. Whether it’s art, travel or supporting your loved ones, Crypto is part of everyday life.”
Generation-to-generation use
Research data shows that Gen Zers accounts for 37.7% of users who view crypto cards as “digital native extensions of life.” Millennials rank second with about 30%, while Gen X and Baby Boomers collectively account for 32%. Younger users prefer debit-style spending models, but older cohorts, particularly HNWIs, generally leaning towards credit-collateralized models.
The study concludes that cryptocurrency cards are no longer “niche trends” but rather “cross-border, cross-border replacements of action” from “saving to spending, retention and leverage.”
Meanwhile, the survey data also reveals that 65% of NEXO Card debit transactions in 2024 were done using Stablecoins, indicating that the majority of users use Stablecoins for daily purchases such as groceries and travel. The report concludes that stubcoin has evolved into “everyday money on the internet.”
